McEwen Mining Q1 2020 Earnings Report
Key Takeaways
McEwen Mining Inc. reported its first quarter results for the period ended March 31, 2020. Operations were impacted by the COVID-19 pandemic, leading to temporary suspensions at several mines. An impairment charge of $83.8 million was recorded due to a reduction in contained ounces at the Gold Pick deposit.
Attributable production from San José was 14,900 GEOs, with mining temporarily suspended due to a nationwide quarantine in Argentina.
Black Fox production was 8,300 GEOs, with operations temporarily suspended due to the COVID-19 pandemic.
Gold Bar produced 9,100 GEOs, but operations were scaled back due to COVID-19 concerns and an impairment charge was recorded due to a reduction in contained ounces at the Gold Pick deposit.
El Gallo continued residual leaching, with incremental costs of $2.8 million, though operations were limited by a temporary closure order in Mexico.
McEwen Mining
McEwen Mining
Forward Guidance
2020 production guidance has been withdrawn until the situation stabilizes.